Mideast Stocks: Major Gulf markets gain as investors shrug off US debt-ceiling talks
- Date: 17-May-2023
- Source: Zawya
- Sector:Financial Markets
- Country:Saudi Arabia
Mideast Stocks: Major Gulf markets gain as investors shrug off US debt-ceiling talks
Major stock markets in the Gulf rose in early trade on Wednesday as investors shrugged off concerns around the U.S. government's debt-ceiling negotiations.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for the critical debt-ceiling talks, with a little more than two weeks to go before the U.S. government could run short of money to pay its bills.
Saudi Arabia's benchmark index added 0.2%, on course to end a three-day winning streak, led by a 1.8% rise in the country's biggest lender Saudi National Bank.
On the other hand, oil behemoth Saudi Aramco lost 0.9% as the stock traded ex-dividend.
The kingdom's plans for another multibillion-dollar Aramco stock offering have gained momentum, Bloomberg News reported on Tuesday, citing sources familiar with the matter.
Dubai's main share index advanced 0.7%, with blue-chip developer Emaar Properties climbing 1.4% and Emirates Central Cooling Systems putting on 2.4%.
Separately, a new Dubai organisation focused on family businesses, a key component of the emirate's economy, on Tuesday said it would support the growth of family firms and help them survive generational transitions.
Family-owned businesses contribute 60% of the United Arab Emirates Gross Domestic Product (GDP) and 80% of its workforce, consultancy KPMG said in a